You have finally done it! You just hit “Publish” on your very first blog post . . . or you added your first listing to your Etsy shop . . . or you signed up for your very first craft fair . . . or you just sold a handmade purse to your friend! All of these things are so exciting!
When the novelty wears off, you might start to panic. Do I now have a business? Do I have to pay taxes? Do I need to register with the IRS?
I really love audiobooks. They allow me to use my time wisely during mundane but necessary tasks. Learning how to grow my business with audiobooks is such a perk! What else allows you to understand sales funnels while scrubbing toilets?! I can learn the latest marketing techniques while simmering soup! And I must admit, I listen to a lot of fiction with audiobooks because sometimes you just need a little fun!
Your blog is starting to take off! Your Etsy shop is beginning to grow! You know you have a business on your hands, not just a hobby, so what’s next? Before you register your business, you need to choose a business structure. Believe me, it sounds scarier than it is. Let’s find out which structure is right for you.
I think starting a business is one of the most exciting things anyone can do! Who doesn’t want to make some side income and have more flexibility with your work and home life?
One of the not so exciting parts of starting a business is actually registering your business, and taking care of all the legal and tax nonsense. Don’t be intimidated. Put some time on your schedule to tackle this part of your business formation, and you will feel so good once it’s done. I promise!
There are so many fun parts to owning your own business . . . . small business record keeping is not one of them! However, keeping good financial records is one of the best things you can do for your business. Not only will an efficient bookkeeping system make your life easier come tax time, but understanding your financial position will enable you to make better choices day to day.
Keep in mind that even if your small business is still at the hobby level, you still need to keep financial records. Unfortunately hobby income also has to be included on your tax return!
As a business owner, your focus should be on how to increase your business profits, NOT just how to increase your business revenue. This may sound like a strange statement because most often we only hear about business revenue. However, business profits and business revenue are two very different things, and business profits are way more important!
Sales tax was never fun. But it could be getting worse. And no, this is not a click-bait headline scam, “5 Reasons You’re Failing at Sales Tax” or some nonsense like that! It’s for real.
This is all somewhat recent news to me. So let me explain what I’ve learned so far, and some of the issues at stake. Right now, a lot of this is very much up in the air. The Supreme Court will be looking at some of these issues later this year. Until then, I just want to keep you informed so that you can dive in and learn what you need to know for your business. And please share with other friends you know in the online space.
Great question from Courtney at Charity Sparrow.
As a small business owner, the thought of setting up a bookkeeping or accounting system can seem daunting. However, good financial data is vital to your business success, and setting up a bookkeeping system can actually be quite simple.
There are many online accounting programs available today. QuickBooks is my favorite. QuickBooks is perfect for the very small businesses all the way up to the very large and sophisticated businesses. It’s easy to use, but it can grow with you as your business expands. Let me show you how easy it is to get started with QuickBooks. (This post does contain affiliate links for products I use and highly recommend.)
I love books! Reading has become part of my daily routine. I get cranky if I don’t get in a little reading time every day! I naturally gravitate to fiction, especially historical fiction and mysteries, but I love business books too.
Books make such great gifts, but one single hardback book can cost a pretty penny. What if you could give the gift of unlimited books to a lucky reader in your life? With Kindle Unlimited you can. (This post contains affiliate links.)